Cardano (ADA) price action lately has been interesting as analysts predict a potential surge.
Allin Crypto, a top analyst, recently shared insights into Cardano’s price trajectory. He explored technical patterns, historical trends, and bullish market signals suggesting ADA could surpass $7 in the current cycle.
What you'll learn 👉
Grayscale’s Role in Cardano’s Revival
Recent actions by Grayscale have brought renewed optimism to Cardano holders. Grayscale has re-added ADA to its Digital Large Cap Fund portfolio after earlier removing it. This re-inclusion is seen as a bullish signal, reflecting increased institutional confidence in the cryptocurrency.
The expert highlighted Grayscale’s influence in the ETF space, suggesting that ADA’s inclusion could pave the way for potential ETF-related growth. He also linked this move to growing opportunities for institutional investors to diversify into cryptocurrencies like Cardano.
ADA Price Prediction
Allin Crypto claims that the price movement of Cardano is consistent with the accumulation, uptrend, distribution, and decline phases of the market. Cardano looks to be moving from the accumulation phase to an uptrend at the moment.
The analysis identified a double bottom pattern predicting a $3 price target. Additionally, an inverse head-and-shoulders formation suggests a long-term target of $7.10. The analyst noted that similar patterns during the last market cycle propelled Cardano from a few cents to $3.
Read also: Why Holding 1,000 Stellar (XLM) Tokens Right Now Could Be a Big Deal
Bitcoin Dominance Signals Altcoin Season
Another key factor supporting Cardano’s rally is Bitcoin dominance. The expert explained that declining Bitcoin dominance often triggers altcoin price increases. This dynamic, combined with Cardano’s technical patterns, further strengthens the bullish outlook for ADA.
The analyst emphasized that ADA’s projected growth aligns with broader altcoin season trends. He noted that historical data supports this prediction, as Cardano has previously demonstrated significant gains under similar conditions.
Long-Term Optimism Despite Competition
Despite his optimism for Cardano, the analyst admitted it might not be the cycle’s top performer. However, he maintained that a potential sevenfold increase from its current price remains a substantial return.
The expert concluded by stating that Cardano’s historical performance, coupled with current technical indicators, suggests a price surge beyond $7 is likely in this market cycle. Cardano’s bullish momentum, technical signals, and Grayscale’s renewed interest all hint at huge growth opportunities ahead.
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